Bloomberg reported that PrivateBancorp delayed a shareholder vote on a takeover by Canadian Imperial Bank of Commerce after the $3.96 billion offer was called insufficient after a post-election rally by lenders.
According to Bloomberg, CIBC is after the deal in order to expand its U.S. commercial lending business and leverage its U.S.-based wealth-management platform.
Financial advisors have recommended that shareholders decline CIBC’s offer since shares of PrivateBancorp have reached $52.98, while CIBC offered about $49 a share, Bloomberg reported.
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